Gonzalez opposes Latin 'subsidy.'

Rep. Henry B. Gonzalez is urging the Bush administration not to sell U.S. government securities at a discount to facilitate debt reduction deals with Argentina and Brazil.

In a recent letter of Secretary of the Treasury Nicholas Brady, Rep. Gonzalez, chairman of the House Banking Committee, noted that the Treasury two years ago sold zero-coupon bonds to Mexico at a deep discount that was not subject to bidding by other investors.